Prepare your taxes online with the efile. com Tax Software. No Forms to choose. We will select all Forms and Schedules for you based on your answers. Standard vs. Itemized Deductions H R Block. You can either claim the standard deduction or itemize your deductions whichever lowers your tax the most. Standard deduction. The standard deduction is a fixed dollar amount that reduces the income youre taxed on. Your standard deduction varies according to your filing status. In 2. 01. 7, the standard deduction is For single or married filing separately 6. For married filing jointly or qualifying widower 1. For head of household 9. Your standard deduction increases if youre blind or age 6. It increases by 1,5. About two out of every three returns claim the standard deduction. The standard deduction Allows you a deduction even if you have no expenses that qualify for claiming itemized deductions. Eliminates the need to itemize deductions, like medical expenses and charitable donations. Lets you avoid keeping records and receipts of your expenses in case youre audited by the IRSItemized deductions. Can you deduct the sales tax on a vehicle you bought Learn more from the tax experts at HR Block. Itemized deductions also reduce your taxable income. Ex If youre in the 1. You might benefit from itemizing your deductions on Form 1. Schedule A if you Have itemized deductions that total more than the standard deduction you would receive. Had large, uninsured medical and dental expenses. Paid mortgage interest and real estate taxes on your home. Had large, unreimbursed expenses as an employee. Had a large, uninsured casualty fire, flood, wind or theft losses. Made large contributions to qualified charities. Had large, unreimbursed miscellaneous expenses. However, your itemized deductions might total less than your standard deduction. If so, you can still itemize deductions rather than claim the standard deduction. You might want to do this if youd pay less tax. This can happen if you itemize on your state return and get a larger tax benefit than you would if you claimed the standard deduction on your federal return. If your adjusted gross income AGI from Form 1. Line 3. 7 was more than certain amounts, some of your itemized deductions were limited. For tax year 2. 01. AGI is more than 3. To learn more, see Publication 5. Tax Withholding and Estimated Tax.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
November 2017
Categories |